Black Iron Stock Price, News & Analysis

Black Iron Inc (TSX:BKI) has announced the appointment of Stephen Woodhead as its new Chief Financial Officer, effective immediately. Woodhead brings over 30 years of experience in the resource sector and is a member of the South African Institute of Chartered Accountants.

Woodhead's extensive career includes roles as CFO/VP Finance at several mining companies, including Desert Sun Mining, Homeland Energy, Crocodile Gold, Trigon Metals, and Gratomic. His experience spans across various mining operations including gold, coal, copper, and graphite projects in multiple countries.

He replaces Paul Bozoki, who has resigned from his position as CFO. The company's CEO, Matt Simpson, expressed gratitude for Bozoki's contributions and welcomed Woodhead, highlighting the value of his international experience to the team.

Black Iron (TSX:BKI, OTC:BKIRF) has signed a significant multi-year land lease agreement with Kryvyi Rih City for 248 hectares of land where its Shymanivske iron ore body is located. This lease is important for completing ongoing environmental and engineering studies required for the renewal of Special Permit No. 4537.

The leased area covers a substantial portion of the planned future mining pit and extends westward toward Ukraine central government-owned land, currently used by the Ministry of Defence as a training firing range. The company plans to acquire or lease part of this government land for its future processing plant, tailings, and waste rock stockpiles. Additional city-owned land will need to be leased to cover the remaining planned open pit area, with discussions already initiated.

Black Iron has signed binding agreements with Anglo American for a US$4 million royalty investment and offtake rights for the Shymanivske Iron Ore Project in Ukraine. The deal includes a 1.0-1.5% gross revenue royalty for the first 60 million tonnes of production, with Anglo American securing offtake rights to at least 2.4 million tonnes per year for life of mine.

The investment will be made in two tranches: US$2.6 million immediately and the remainder upon permit renewal. Anglo American also gains first offer rights to invest at least 15% of Phase 1 construction costs post-conflict, which would increase their offtake to 100% of Phase 1 production (4 million tonnes annually). Similar rights exist for Phase 2, potentially securing 100% offtake of 8 million tonnes annually.

Black Iron Inc. announced that the feasibility study for its Shymanivske Iron Ore Project cannot be published until peace is restored in Ukraine. Wood Plc., the study's main author, stated that necessary site visits are impossible under current conditions. The study's release is contingent upon verifying infrastructure status, updating costs, and ensuring the viability of extraction. Despite the ongoing conflict, the company's management is prioritizing the safety of its team members and supporting families affected by the war.

Black Iron Inc. (OTC PINK: BKIRF) announced that its largest shareholder, RAB Capital, acquired 2,500,000 shares at an average price of $0.1243, elevating its ownership to approximately 15%. RAB Capital's majority shareholder, Philip Richards, highlighted four reasons for the purchase: the future demand for high-grade iron ore for Green Steel, support for Black Iron's management, belief in Ukraine's independence, and optimism about Ukraine's EU membership post-conflict. All operations in Ukraine are currently halted due to the ongoing war, with a feasibility study in progress.

Black Iron Inc. (OTC PINK: BKIRF) assures investors of ongoing development of its Shymanivske Iron Ore Project in central Ukraine, amid Russia's actions in the region. The company plans to release an updated feasibility study within 30 days, which will include key economic metrics and product offtake updates. Black Iron is also pursuing a new investment support law aimed at eliminating import duties, and is negotiating land transfers with Ukrainian officials. Environmental assessments are in progress, vital for project construction financing.

Black Iron Inc. has provided an update on the Shymanivske Iron Ore Project located in Ukraine, detailing progress on key agreements and studies. The feasibility study by Wood PLC is anticipated to be completed by early 2022, focusing on site design and equipment selection. Positive negotiations are underway for an offtake agreement with Cargill. However, an unexpected delay in the land transfer agreement has occurred due to changes in military leadership, though this might expedite future progress. The company is engaging with UkraineInvest for governmental support.

Black Iron Inc. has successfully closed its short form prospectus offering, raising $11.5 million through the issuance of 28,750,000 common shares at $0.40 per share. The funds will be utilized for several strategic initiatives, including an updated feasibility study for the Shymanivske Iron Ore Project in Ukraine, and various impact assessments. The offering awaits final approval from the Toronto Stock Exchange. CEO Matt Simpson highlighted the strong interest from institutional investors, signaling confidence in the project.

Black Iron Inc. has announced a public offering of 25,000,000 common shares at a price of $0.40 per share, aiming for gross proceeds of up to C$10 million. The offering is set to close around July 20, 2021, subject to regulatory approvals. Proceeds will fund the Feasibility Study and Environmental Impact Assessment for the Shymanivske Iron Ore Project in Ukraine, among other corporate purposes. The offering will be conducted by Canaccord Genuity Corp. and includes an option for the agent to purchase an additional 15% of shares.